High Yield Calendar: $1.28 billion deals being marketed

MAY 19 WEEK

CHESAPEAKE ENERGY CORP.: $800 million senior notes due Dec. 15, 2018; Credit Suisse, Banc of America Securities LLC, Lehman Brothers, Deutsche Bank Securities, RBS Greenwich Capital; off the shelf; non-callable (make-whole at Treasuries plus 50 bps); to pay down credit facility, call $300 million 7¾% senior notes due 2015, general corporate purposes; Oklahoma City-based oil and natural gas company; investor call 10:30 a.m. ET Tuesday; pricing Tuesday afternoon.

SYMBION INC.: $179.84 million senior PIK toggle notes due Aug. 15, 2015 (Caa1/CCC+); Merrill Lynch & Co., Banc of America Securities LLC (joint); Rule 144A for life; non-callable for three years; to refinance bridge loan; Nashville, Tenn., owner and operator of surgical care facilities; roadshow May 19-22; pricing expected Thursday.

NOBLE GROUP: Dollar-denominated fixed-rate senior notes due 2013 (Ba1/BB+/BBB-); Citigroup, J.P. Morgan Securities Inc.; Rule 144A/Regulation S; to repay debt; Hong Kong-based commodities trading firm; Asia, Europe and U.S. roadshows start May 19 week.

EXPECTED FIRST HALF 2008 BUSINESS

ABBOT GROUP PLC: $615 million equivalent notes due 2018 in possible dollar- and euro-denominated tranches; The Royal Bank of Scotland, Goldman Sachs & Co.; part of $2.16 billion LBO financing in which company will be acquired by First Reserve; Aberdeen, Scotland-based oilfield equipment and services provider; expected April business, pending market conditions.

ALLTEL COMMUNICATIONS INC./ALLTEL COMMUNICATIONS FINANCE INC.: Significant amount ($1 billion minimum) of $5.2 billion senior unsecured cash pay notes; Citigroup, Goldman Sachs, Barclays, RBS Securities; part of debt financing for the $27.5 billion acquisition of Alltel by TPG Capital and GS Capital Partners; Little Rock, Ark., provider of wireless voice and data communications services; expected to be marketed during April 7 week.

AVAYA INC.: $1.45 billion senior unsecured notes (CCC+): $700 million cash-pay notes and $750 million PIK toggle notes; Morgan Stanley, Citigroup, J.P. Morgan Securities Inc. (joint); also $4.335 billion credit facilities; to fund LBO by Silver Lake and TPG Capital; Basking Ridge, N.J., provider of communication systems, applications and services; expected first-half 2008 business.

BCE INC.: C$11.3 billion U.S. dollar equivalent bonds: up to $7.5 billion senior notes and $3.8 billion subordinated notes; also C$23.05 billion credit facility; Citigroup, Deutsche Bank, RBS Securities, TD Securities lead banks on financing; to fund LBO by Teachers Private Capital, Providence Equity Partners Inc. and Madison Dearborn Partners, LLC, expected to be completed first half of 2008; Montreal-based communications company.

BIL HOLDINGS (LYONDELL-BASELL FINANCE CO. LTD.): $8 billion equivalent: $5.5 billion equivalent senior secured second-lien notes (B2/B+) and $2.5 billion equivalent senior unsecured notes (B3/B-) both in dollar and euro tranches; Citigroup, Goldman Sachs, Merrill Lynch, ABN Amro, UBS Investment Bank; to finance acquisition of Houston-based Lyondell Chemical Co.; Basell is a Netherlands-based producer of polypropylene and polyethylene; expected first half 2008 business.

CATALINA MARKETING CORP.: $490 million notes (Caa1/B-): $330 million senior PIK toggle notes and $160 million senior subordinated notes; Bear Stearns, Goldman Sachs & Co., Morgan Stanley; Rule 144A; to fund the acquisition of the company by Hellman & Friedman Capital partners VI; St. Petersburg, Fla., provider of promotional marketing services; expected first half 2008 business.

CDW CORP.: $1.94 billion notes: $890 million senior unsecured cash-pay notes due 2015 (Caa1/CCC+), $300 million senior unsecured PIK toggle notes due 2015 (Caa1/CCC+) and $750 million senior subordinated notes due 2017 (Caa2/CCC+); J.P. Morgan Securities Inc., Lehman Brothers, Deutsche Bank Securities, Morgan Stanley; to refinance bridge loan related to LBO; Vernon Hills, Ill., provider of technology products and services.

EMPLOYERS HOLDINGS INC.: $150 million senior notes due 2018; Rule 144A; to fund a portion of the $193.9 million acquisition of AmCOMP Inc., expected to close during the second quarter of 2008; Reno, Nev.-based provider of worker compensation insurance to U.S. small businesses; pro forma interest rate is 8%.

FIRST DATA CORP.: $6.75 billion: $1.5 billion senior cash-pay notes, $2.75 billion senior PIK notes, $2.5 billion senior subordinated notes; Citigroup plus others; to help repay bridge financing for LBO of the company by Kohlberg Kravis Roberts & Co.; Greenwood Village, Colo., check and credit card transaction services provider.

INTELSAT HOLDINGS LTD.: $5.1 billion in senior notes, senior subordinated notes and possibly PIK notes; Credit Suisse, Banc of America Securities LLC, Morgan Stanley; to help fund LBO by BC Partners and certain other investors, including about $860 million of existing debt at Intelsat (Bermuda), Ltd. and to defease or retire the $400 million Intelsat, Ltd. 5¼% senior notes due 2008; Pembroke, Bermuda, provider of fixed satellite services; LBO completed on Feb. 5, 2008.

NORTH AMERICAN ENERGY ALLIANCE: $325 million senior unsecured notes; Barclays Capital; also $545 million credit facility (BB+); to help back the roughly $1.477 billion acquisition of 1,706 megawatts of generation projects by Industry Funds Management from Consolidated Edison Inc.

SEQUA CORP.: $700 million senior unsecured notes due 2015, non-callable for four years (Caa2/CCC+): senior unsecured notes and senior unsecured discount notes (2.5-year zero coupon); Lehman Brothers (lead bookrunner); Citigroup, J.P. Morgan Securities Inc. (joint books); Rule 144A for life/Regulation S; both tranches non-callable for four years, with three-year 35% equity clawback and 101 change-of-control put; to help fund $2.7 billion LBO by the Carlyle Group; New York-based diversified aerospace and industrial company.

ON THE HORIZON

AGILE PROPERTY HOLDINGS LTD.: Up to $400 million senior notes (Ba3/BB) in fixed-rate and floating-rate tranches; HSBC; Rule 144A/Regulation S; to finance new and existing projects; Hong Kong-based property developer.

ALLIS-CHALMERS ENERGY INC.: $350 million bridge loan, which could be taken out by high-yield bonds (backed by $350 million senior unsecured bridge facility arranged by RBC Capital Markets and GSCP); to help fund the acquisition of Bronco Drilling Co., Inc. for about $437.8 million and to repay assumed Bronco Drilling debt, RBC Capital Markets exclusive financial adviser to Allis-Chalmers, a Houston-based multi-faceted oilfield company; acquisition expected to occur mid-2008.

ALTRA NEBRASKA LLC: $130 million senior secured notes due 2018 (B); Morgan Stanley; to fund a portion of the cost to construct a 100 million gallon per year nameplate capacity, dry-mill ethanol plant in Carleton, Neb.; wholly owned subsidiary of Altra Inc., a California-based developer of renewable fuel projects.

CLEAR CHANNEL COMMUNICATIONS INC.: $2.6 billion of notes: $1.1 billion of senior cash pay notes and $1.5 billion in senior pay-in-kind option notes with expected eight-year maturities; Morgan Stanley, Citigroup, Deutsche Bank Securities (joint), Credit Suisse, RBS Greenwich Capital, Wachovia Securities also expected to be involved; Rule 144A; to help fund LBO; San Antonio media and entertainment company; expected first half 2008 business.

DRIVETIME AUTOMOTIVE GROUP INC.: $160 million senior notes due 2013 (B2/B); to replace the company's existing $80 million issue of senior unsecured notes due 2010; Phoenix-based company sells and finances used cars to subprime niche.

GENERAL MOLY: $540 million to $700 million debt financing including high-yield bonds, leveraged loans and possibly convertibles; underwriter to be determined; to fund the Mt. Hope molybdenum project, located in central Nevada; also $240 million to $400 million of equity; formerly Idaho General Mines, General Moly is a Lakewood, Colo.-based molybdenum mineral development, exploration and mining company; possible late 2008-early 2009 business.

PENN NATIONAL GAMING INC.: High-yield bonds and new credit facility via Deutsche Bank Securities and Wachovia Securities; to fund LBO by Fortress Investment Group LLC and Centerbridge Partners LP, valued at about $8.9 billion, including repayment of $2.8 billion of outstanding Penn National debt; Wyomissing, Pa., gaming company.

RIVERDEEP INTERACTIVE LEARNING USA: $820 million senior subordinated notes; Credit Suisse, Citigroup (joint); proceeds along with $1.87 billion senior bank debt, $750 million mezzanine debt and $1.5 billion equity to fund the acquisition of Houghton Mifflin by Riverdeep from Thomas H. Lee Partners, Bain Capital Partners, LLC and Blackstone Group for $3.4 billion; Riverdeep, based in Dublin, Ireland, is a publisher of interactive products for the consumer and school markets.

TELESAT: $910 million senior notes; Morgan Stanley, UBS Investment Bank; to help fund acquisition of Telesat by a joint venture company formed by Loral Space & Communications Inc. and the Public Sector Pension Investment Board; acquisition closed October 2007, bridge funded; new company will be one of the world's largest operators of telecommunications satellites, based in Ottawa; expected first half of 2008.

TRIBUNE CO.: $1.6 billion senior notes or senior subordinated notes; Merrill Lynch, J.P. Morgan Securities Inc., Citigroup and Bank of America; to help finance public-to-private transaction; Chicago-based media company; acquisition closed in December.

UNITED TEST AND ASSEMBLY CENTER LTD. (UTAC): $475 million senior notes due 2015: $275 million senior cash-pay notes and $200 million senior PIK notes; J.P. Morgan Securities Inc., Merrill Lynch, ABN Amro; non-callable for four years; to finance LBO; Singapore-based semiconductor testing and assembly company.

UNIVAR NV: $600 million senior subordinated notes; also $1.375 billion credit facility via Bank of America and Deutsche Bank; to fund the acquisition of the company by CVC Capital Partners; to help fund the acquisition of Univar; Netherlands-based distributor of industrial chemicals and provider of related specialty services.

PRIVATE PLACEMENT

PETAQUILLA MINERALS LTD.: $60 million units comprised of a 15% senior secured notes due 2013 and a warrant to purchase 315 shares of common stock; Regulation D/Regulation S; for the completion of the Molejon Gold Mine in Panama and for working capital; Vancouver, B.C.-based gold producer.

CATASTROPHE BONDS

RESIDENTIAL REINSURANCE: $300 million catastrophe bonds due June 2011 in three tranches: class one, U.S. hurricane and earthquake (BB), price talk three-month Libor plus 700 bps area; class two, U.S. hurricane and earthquake (B), three-month Libor plus 1,175 bps area, class four, U.S. hurricane, earthquake, severe thunderstorm, severe winter storm and California wildfire (BB+), three-month Libor plus 525 bps area; Goldman Sachs & Co. (books); Rule 144A; proceeds deposited in trust accounts to be available to satisfy the obligations of ceding insurer U.S. Automobile Association.

TERM LOAN

ROYALTY PHARMA: $200 million senior unsecured fixed-rate term loan due 2015 (/BB+/BBB-); Banc of America Securities LLC (arranger); non-callable for four years; change-of-control put at 101.0; to fund the acquisition of royalty interests; New York-based company acquires revenue producing intellectual property related to the pharmaceuticals industry; investor call May 8 (will be marketed to high-yield accounts).

ROADSHOWS

Pricing May 20: CHESAPEAKE ENERGY CORP. $800 million; Credit Suisse, Banc of America Securities LLC, Lehman Brothers, Deutsche Bank Securities, RBS Greenwich Capital

Started May 5: ROYALTY PHARMA $200 million senior unsecured fixed-rate term loan; Banc of America Securities LLC

Until May 15: RESIDENTIAL REINSURANCE: $300 million catastrophe bonds; Goldman Sachs & Co.

May 19-22: SYMBION INC. $179.84 million; Merrill Lynch & Co., Banc of America Securities LLC

Starts May 19 week: NOBLE GROUP size to be determined; Citigroup, J.P. Morgan Securities Inc.

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